AGLagilon health, inc.

Services-Misc Health & Allied Services, NEC

Revenue: $5.9B; 2.1% YoY
Operating margin: -7.8%; 62% YoY
EBITDA: −$435M; 62% YoY
Market cap: $1.4B
Employees: 856; $7M revenue each
Net debt / EBITDA: —; −$72M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-189% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$7M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$352K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$2.4B	$4.3B	$6.1B	$5.9B	2.1%
Operating income	−$372M	−$105M	−$232M	−$292M	−$463M	59%
Net income	−$406M	−$107M	−$263M	−$260M	−$391M	50%
Operating cash flow	−$148M	−$131M	−$156M	−$58M	−$106M	83%
Capex	$7M	$15M	$16M	$13M	$13M	0.1%
Stock-based comp	$292M	$28M	$69M	$51M	$49M	3.0%
Buybacks	—	—	$200M	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $352K · 5
Open-market sells, 12 mo: $0 · 0
Net: $352K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	3	142
FY2024	—	—	8	124
FY2023	—	—	55	120
FY2022	—	—	70	118
FY2021	—	—	117	120